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December 15, 2017

China about to knock out petrodollar by trading oil in yuan

As one of the world’s top energy importers, China has successfully
completed its fifth dry run in yuan-backed oil futures contract trading.
The step has been already called Beijing’s challenge to the US dollar.

According to Bloomberg, which cited a statement from the exchange, 149 members of Shanghai International Energy Exchange traded 647,930 lots in the rehearsal with a total value of 268.2 billion yuan. The system met the listing requirements of crude futures after the exercise, it added. Read more.